Paris Presents sets first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, Jan. 7 – Paris Presents Inc. disclosed price talk on its $92 million six-year first-lien term loan and $30 million seven-year second-lien term loan in connection with its bank meeting on Wednesday, according to a market source.

The first-lien term loan is talked at Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 850 bps with a 1% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $137 million credit facility also provides for a $15 million five-year revolver.

Covenants include a total net leverage ratio and an interest coverage ratio.

BNP Paribas Securities Corp. is the lead on the deal.

Proceeds will be used to fund the recently completed buyout of the company by Wasserstein & Co. LP from Mason Wells. Ontario Pension Board and Northwestern Mutual are co-investing in the transaction alongside Wasserstein.

Commitments are due on Jan. 21, the source added.

Paris Presents is a Gurnee, Ill.-based provider of branded cosmetic and bath accessories to mass merchants, drug stores, specialty beauty stores and online retailers.

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